The euro fails to break above the horizontal channel

The euro remains trapped within a consolidative channel between 1.0770 and 1.1000.

The euro opened the week on a strong footing, buoyed by a positive market mood as the main economies started easing coronavirus lockdowns. The pair appreciated about 1.7% to find sellers several pips below 1.1000 psychological level, right at the top of the horizontal channel, between 1.0770 and 1.0980 where the EUR/USD has remained trapped over the last two months.

The common currency has given away gains over the last sessions retreating to the 1.0900 area, weighed by US dollar strength as market mood worsened amid the escalating tensions between the US and China.

EUR/USD daily chart

The 4-hour chart shows the pair still above the main moving averages, which suggests that bulls remain in control in the medium-term. A clear move below 10870/80 area where the moving averages lie, might increase negative momentum and might send the pair to test 1.0800 before aiming for trendline support at 1.0770.

On the upside, 1.1000/15 (trendline resistance and the 200-day SMA) remains a key resistance area. Above there the pair might gain bullish traction paving the path towards 1.1040 (March 31 highs) on the way to 1.1145 (March 27 high).

When the frequency of updating prices increases, the operation of MT4 becomes unstable depending on the specifications of some customers’ PCs or the Internet environment, OANDA Japan says. Online trading services provider OANDA Japan has […]

EUR/JPY is back into familiar territories after dropping from the March’s highs. The level to beat for bears is the 118.75 support. EUR/JPY daily chart EUR/JPY is easing further from March’s highs while […]

Download my MT4 chart templates, profiles, indicators and pivot points for FREE: http://charts.fxbootcamp.com This is a video overview of how to improve the timing of your trades using moving averages. The goal of the forex […]

Main USD/MXN Talking Points: Risk-on sentiment is causing assets to venture far into oversold territory FOMC is expected to resume forward guidance on Wednesday USD/MXN takes a small breather but seems to continue to point […]

The United States-based, cryptocurrency exchange, Coinbase published a blog post justifying the technical issues that took place when the price of Bitcoin was hovering above 10K. Why Coinbase Crashes At Peak Time? The Bitcoin community […]

June started very violently for Bitcoin. On the first day of the month of June, the primary cryptocurrency recorded a 3-month high after touching the $10,500 resistance mark. However, the drop was even quicker, as […]

USD Index COT Futures Large Trader Positions US Dollar Index Speculator Positions Large currency speculators lowered their bullish net positions in the markets for a second straight week this week, according to the latest Commitment […]

The firm has agreed to pay a fine of $450,000 for rule violations committed during the period of April 1, 2015 through June 30, 2017. Electronic Transaction Clearing, Inc. (ETC), a provider of high volume […]